The response to the high wages demanded in low skill position was obvious.
Miso can offer Flippys (a robot for making food) to fast-food restaurant owners for an estimated $2,000 per month on a subscription basis, breaking down to about $3 per hour. (The actual cost will depend on customers’ specific needs). A human doing the same job costs $4,000 to $10,000 or more a month, depending on a restaurant’s hours and the local minimum wage. And robots never call in sick.
Sorry teenager trying to earn a few bucks to go to college, restaurants don’t need to hire you at the high wage that over-eager do-gooders are demanding.
The Congressional Budget Office analyzed the impact of lifting the $7.25 federal minimum wage to $15 by 2025. The House is expected to vote next week on a bill to lift the federal minimum.
Raising the federal minimum wage to $15 an hour by 2025 would increase the pay of at least 17 million people and lift 1.3 million Americans out of poverty, but also put 1.3 million (and up to 3.7 million) Americans out of work, according to a study by the Congressional Budget Office.
The CBO predicted much bigger job losses than House Democrats, who have pushed for the $15 minimum wage, expected.
So let me get this straight, the higher minimum wage was expected to lift 1.3M Americans out of poverty but plunge 1.3M (and up to 3.7M) Americans into poverty. Wow! Maybe we should just keep the federal government out of our lives and tell them to keep arguing between themselves while we live our lives in peace and raise our children.
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